As a young visionary, the idea of beginning a startup business sounds exciting until you realize that money is tight—you won’t be able to do a lot of the things that you ought to do because of the tight budget to which you have to adhere. But don’t give up when you haven’t even started yet! Remember, the motto is “No pain, no gain” in entrepreneurship, especially if your business is still young and you still need to cut costs to earn your piece of the pie.
To get to your goal faster, you have to handle a considerable workload and work twice or even thrice as hard as you usually would to build up your business reputation. In a way, this sounds easy to do, especially in the technologically-oriented society that people live in today. However, it still cannot be denied that one of the best ways to promote efficiency and good communication amongst your pool of workers is to establish an actual workspace or headquarters where the environment fostered is purely dedicated to working hard for the company.
It can be difficult for a startup company to get the necessary funding needed to have physical headquarters wherein they can have a centralized operating site. The cost of acquiring and maintaining land, alongside all the confusing payments that you have to make, can be pretty discouraging and can lead you to decide not to get one at all. However, don’t be discouraged just yet. If you’ve considered all the factors and have concluded that you absolutely need a physical headquarters for your startup, then this guide is perfect for the budget-friendly entrepreneur.
Work from the comfort of your own home
They say never to bring your work to your home, but in situations requiring you to consider your home’s physical space as a workspace, you can make an exception. For single-person startups, this is probably the most convenient setup.
You technically do not have any additional expenses compared to what you were already pumping out even before your business. In terms of the rent or mortgage that you pay, or even your utility bills, these payments aren’t likely to increase when you start working in your own space. Plus, you can write off a portion of these costs as your tax payments in terms of declarations.
Also, even if you’re having trouble paying your mortgage, you can always inquire about the numerous mortgage refinancing services in your area. For example, mortgage companies can help you make the most strategic loan to help you pay off the original loan you already have. In a way, acquiring these services enables you to manage costs all at the comfort of your own home.
Ask a favor from a friend or rent out a home office space
Some people find it challenging to work in their own homes because they tend to get too comfortable, so they end up doing nothing at all. If this is your problem, then you might as well ask a friend if you could crash at their place, or you can always rent out a home office space on this list of online apps.
The best benefit of this option is that you can rent it for as long as you need, and you don’t have to fear the ramifications of legal paperwork because there is no written contract. The terms are usually flexible and budget-friendly.
Make use of the local library
It seems pretty odd to suggest the quietest place in town as a conducive workplace for your startup. But if your startup requires a constant internet connection and a site where you can access a ton of information, then the library is the perfect place. Just make sure that the nature of your activities is relatively quiet and that they don’t disturb other library-goers.
Consider portable mobile offices
For startups that require a lot of staffing, you have to consider getting some extra space. The most cost-efficient offer you could get would probably be renting mobile offices or used modular buildings. In a way, you save an estimate of up to 40-percent of the costs that you would usually have when you acquire a new building. It functions quite the same because they have all the necessary facilities that a regular city office would have (minus the luxury, of course).
Try co-working spaces
Co-working spaces are starting to gain traction. Before the pandemic, they were the fastest-growing office workspace type in the commercial real estate market. Despite this, co-working spaces continue to grow because apart from the obvious benefit that they cost less than having to buy your own office for you and workers, they also allow you access to people who have the exact nature of work as you do.
In co-working spaces, your team can exchange ideas with other businesses and gauge the market through that as well. It also helps you gain the necessary industry connections you need to get to make your business known to your target audience.
With all these low-cost options for workspaces, you no longer need to worry about building an office space or renting an expensive one for now. We hope you find the perfect match for your office space needs from what we’ve listed out. And once your business is up and successfully pulling in money, you can level up!